Photos courtesy of Moonlake Lee.
Dr Ansgar Cheng is a Prosthodontist and Director at Specialist Dental Group in Mount Elizabeth Medical Centre, and an Adjunct Associate Professor with the National University of Singapore. His wife, Moonlake Lee, is a director of Specialist Dental Group.
They made a trip in May to Omaha, Nebraska for the Berkshire AGM.
Each time we land in the US and the immigration officer asks us where we are going, whenever we answer “Omaha”, the response is always “Omaha?”
No one can believe that there is anything worth doing or seeing in Omaha, home to just over 400,000 people.
The Omaha attraction for my husband, Ansgar, and myself is the annual general meeting of Berkshire Hathaway, a conglomerate chaired and managed by the world greatest investor, Warren Buffet, and his Vice-Chairman, Charlie Munger.
Shareholders and fans from across USA and far flung corners of the globe gather together for one weekend every year, to meet Buffet and Munger, and to listen to the wit and wisdom of the two men.
This year marked our fifth consecutive visit to Omaha. What also keeps us going back is the Wee family from Singapore. The Wees moved to Omaha a few years ago and graciously extend their hospitality to us whenever we are in town.
A highlight of the trip is the new friends we always make, and the renewal of friendship with those we met on previous trips. Rarely does one meet so many people, of different cultural, financial and educational backgrounds who have similar perspectives and values in life during one weekend. Most interestingly, many of the friendships were made while standing in line (there are crowds everywhere!).
For Singapore-based Berkshire shareholders or fans who are considering making that 24-30 hour long trip to Omaha, here are a few tips that will make your Berkshire weekend a more interesting and fun experience:
Logistics
* Book your flight early – we usually book our tickets at least six months in advance. Delta Airlines is the most efficient way to fly with transits through Tokyo’s Narita Airport and the Minneapolis-St Paul Airport. We leave Singapore at 6am and arrive in Omaha the same day at 5pm.
* If you need hotel accommodation – book early! About 40,000 people attended this year’s meeting, and took over the economy of Omaha for the weekend. This means that if you leave your accommodation planning to the last minute, you can consider yourself lucky to get a smoking room in a dingy motel across the border in Iowa for a far higher price than it is worth.
* The same applies for car rental, if you are driving. Book early and check out some of the European rental companies that have arrangements with the American car rental companies. The rates are quite competitive… and the rental rate increases the closer you get to the meeting date. If you don’t drive, no worries – there are plenty of taxis around.
* Do not forget your Shareholder Pass – this is the ticket to most Berkshire-related events and shareholder discounts. You can apply for your pass (credential) when you receive the form in the Annual Report mailed to shareholders in March each year. If timing is an issue (due to the slow international mail rate), you can contact Berkshire directly and they will be able to mail your credentials directly upon provision of supporting documentation of your shareholder status.
Meetings and Receptions
* There are numerous meetings and receptions in Omaha during the Berkshire weekend. The Value Investors Conference features speakers such as Robert Miles, Robert Hagstrom, and Pat Dorsey (formerly of Morningstar Research). Many financial institutions and private equity players have receptions while some companies such as Markel Corporation also have an annual reception for their shareholders.
* Some more informal receptions, such as the Yellow BRKers gathering on Friday evening, are a great place to meet people. The Yellow BRKers are a group of shareholders who follow the “Wizard of Omaha” down the yellow brick road (BRK is also the ticker symbol for Berkshire Hathaway) and are a most friendly bunch of folks.
* Robert Miles also hosts a reception with free Dairy Queen Dilly Bars and meet-the-authors sessions on Friday evening. In past years, this event was held at a Dairy Queen outlet but it soon got too crowded and beginning from this year, the event is now held at the University of Nebraska.
Official Events
* Borsheims Reception on Friday evening and Sunday morning - Borsheims is one of the largest independent jewelry stores in the US. Shareholders congregate there over the Berkshire weekend for dinner on Friday and brunch on Sunday.
* There are also Berkshire AGM-themed souvenirs sold during this weekend and a special rate on gifts for shareholders.
* Just be aware that there are line-ups for everything from food to washrooms.
*Annual General Meeting – Qwest Convention Centre – the doors open at 7am on Saturday for the AGM but people line up as early as 4am.
* When we arrived at 5:30 am this year, we were among those at the front of the crowd outside the doors of the Centre. In previous years, arriving at 6-6:30 am resulted in us being positioned halfway around the huge convention centre.
* Dress warmly and check the weather reports to see if it will rain. Some smart folks have an early breakfast at the Hilton Hotel and use the walkway that connects to the convention centre to avoid the crowds and the cold.
* Free newspapers are given out as are the very useful monthly planners by the Acme Brick Company (a subsidiary of Berkshire). These calendars are a hit with family!
* You can also watch the proceedings of the meeting from the Exhibition Hall but nothing beats being in the same room with 40,000 people … and seeing both Buffet and Bill Gates in the same place.
* Buy your lunch vouchers (USD$10) early and you can pick up your lunch pack anytime that morning.
* Once you have obtained your seat, leave your jacket or other items to “chope” the place and head down to the Exhibition Area where you can get great deals on Berkshire subsidiaries’ products, e.g. Fruit of the Loom apparel, souvenirs, Sees Candies, and books. Things sell out fast, so go early.. and you may even get a glimpse of Warren Buffet up close!
* The movie always starts off the meeting and it is always lots of fun with strategically placed humorous ads from Berkshire subsidiaries like Geico and Dairy Queen, as well as cameo appearances by celebrities, e.g. Arnold Schwartzenegger, Desperate Housewives ladies, Jamie Lee Curtis, etc.
* Nebraska Furniture Mart – there is a barbeque at Nebraska Furniture Mart (NFM), the largest home furnishing store in the US, after the AGM is over. We have never managed to cover the whole NFM and doubt we ever will. There are also shareholder discounts for purchases.
Food
* There is a wide selection of food in Omaha… from the fast food type (we love the roast beef sandwiches at Arby’s) to the 24-hour truck-stop food at Sapp Brothers (Ansgar’s favourite) to fine dining establishments in at Old Market area such as V. Mertz and The Flatiron Café.
* Don’t forget Warren Buffet’s favourite restaurants – Gorat’s Steak House (reservations by April 1 and be prepared for long lines) and Piccolo Pete’s Restaurant.
For notes on the 2011 Berkshire Hathway Annual Meeting, visit - http://valueinvestingresource.blogspot.com/2011/05/2011-berkshire-hathaway-meeting-notes.html
See you in Omaha!
Read about the trip made last year by Dr Cheng & Moonlake: BERKSHIRE AGM: Our 4th trip there in as many years
